Royal Bank of Canada Sells 62,259 Shares of Incyte Corporation $INCY

Royal Bank of Canada reduced its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 5.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,054,123 shares of the biopharmaceutical company’s stock after selling 62,259 shares during the quarter. Royal Bank of Canada’s holdings in Incyte were worth $99,212,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Toth Financial Advisory Corp bought a new stake in shares of Incyte during the 4th quarter valued at $1,213,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in Incyte by 11.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock worth $20,719,000 after purchasing an additional 21,735 shares during the period. Twin Capital Management Inc. bought a new position in Incyte in the 1st quarter worth about $875,000. Northwestern Mutual Wealth Management Co. grew its holdings in Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after buying an additional 585,618 shares in the last quarter. Finally, GC Wealth Management RIA LLC purchased a new position in Incyte during the 4th quarter valued at about $1,629,000. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on INCY shares. Sanford C. Bernstein started coverage on Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Citigroup restated a “market perform” rating on shares of Incyte in a research report on Wednesday, July 15th. Barclays boosted their price objective on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday. Guggenheim upped their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank Of Canada increased their target price on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $117.74.

Incyte Stock Down 2.8%

Incyte stock opened at $119.52 on Friday. The stock has a market cap of $24.23 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.60 and a beta of 0.76. The business has a 50-day simple moving average of $109.54 and a 200 day simple moving average of $102.24. Incyte Corporation has a 52 week low of $73.81 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.57 EPS. On average, research analysts anticipate that Incyte Corporation will post 6.38 earnings per share for the current year.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.